Stocks rose on Thursday, with the Dow hitting all-time highs.
The S&P 500 also finished in the green, but the tech-heavy Nasdaq tumbled into the red.
Early in the morning, tech stocks were getting slammed pretty hard. Amazon was down by 4.8%, Facebook was down by 5.3%, Google was down by 4.1%, and Apple was down by 3.3%.
First up, the scoreboard:
- Dow: 18,807.88, +218.19, (+1.17%) S&P 500: 2,167.48, +4.22, (+0.20%) Nasdaq: 5,208.80, -42.28, (-0.81%) WTI crude oil: $44.29, -$0.98, (-2.16%)
Trump’s shocking victory is defying all of the doomsday markets predictions that preceded it. As for why that is, some analysts have suggested it might be due to the fact that 1) markets now know who the president is, 2) investors like tax reform and Trump wants to lower taxes, and 3) Trump said he will roll back regulation on banks and other businesses. Trump is reportedly considering JPMorgan CEO Jamie Dimon for Treasury secretary, according to CNBC’s Kate Kelly. A lifelong Democrat, Dimon supported Barack Obama in 2008 and during the aftermath of the financial crisis. China fixed its currency at the lowest level in 6 years. The People’s Bank of China fixed the yuan at 6.7885, its weakest level since September 2010, amid worries President-elect Trump could name China as a currency manipulator, according to Bloomberg. The world’s biggest hedge fund isn’t sure yet what to make of Trump’s election. “There is much more that we don’t know than we do know,” Ray Dalio, founder of Bridgewater Associates, wrote in a client letter viewed by Business Insider. “Our guess is that the markets will increasingly focus on what he is likely to do and less on how sensible he sounds.” Obamacare sign-ups spiked the day after Trump was elected. According to a tweet from Sylvia Burwell, the secretary of health and human services, more than 100,000 people signed up for plans through the exchanges set up by the Affordable Care Act, the healthcare law better known as Obamacare, on Wednesday. Treasurys got slammed. US Treasurys are selling off for a second straight day. Thursday’s selling has been pretty well dispersed with yields up between 4 and 5 bps across much of the curve. Initial jobless claims fell more than expected. Claims, which count people applying for unemployment insurance for the first time, dropped to 254,000 last week. The current level is near the lowest since the 1970s, and marks 88 consecutive weeks of claims below 300,000.
ADDITIONALLY:
Investors think America may be the only winner under President Trump.